Income from home rentals of less than 20 million won must be paid … Report before June 1-Chosun.com

Starting this year, even if the house’s rental income is less than 20 million won a year, taxes are required. The National Tax Service introduced on the 12th that taxpayers who filed their first tax returns this year will be aware.

Priority is given to owners of two or more houses with monthly rent. (2) Landlords only pay taxes on monthly rent. On the other hand, if the total amount of deposits and cheonsei exceeds 3 billion won, those with more than 3 houses become monthly income and taxes are added. Homeowners are not, in principle, subject to rental income reports, but must also pay income tax if the standard market price exceeds 900 million won or they receive a monthly rental of foreign-owned homes . If the rental income is even a penny, you must first report it, but if the rental income is less than 4 million won per year and the other comprehensive income is less than 20 million won, the actual payment tax is zero ( 0) after deducting the necessary expenses. If you register a home rental business with a local government, the deduction rate will be higher.

Those who earn rental income of less than 20 million won have a choice between full taxes (6% to 42% tax rate) and separate tax rates (14% tax rate), so choose which one is advantageous for you . According to the National Tax Service’s explanation, without registering as a home rental business with the local government ② subject to a simple expense ratio, ③ when there is no income other than the rental income from the home, it is advantageous a comprehensive tax with a tax rate of 6%. On the other hand, if you have other taxable income, it is generally better to choose separate taxes. The filing period is until June 30 for those who report sincerity and special disaster areas, and until June 1 for others, and the deadline for payment is August 31.

Another point to keep in mind when reporting rental income is health insurance. If you pay a rental income tax, you lose your health insurance dependent status, and the burden of incurred health insurance premiums is likely to be much higher than the tax. If you want to keep your health insurance as a dependent or lower your premium, you can register with a local government as a home rental company and increase the deduction rate to reduce taxes. However, it is important to pay attention to the fact that if you do not meet the mandatory lease period after receiving the tax reduction, you must pay the taxes and interest paid immediately. Consultation National Tax Service Individual Tax Office Income Tax Section ☎ (044) 204-3257